At a glance
QLV charges 0.08% a year, below the 0.27% average of the 8 funds most like it (the 2nd cheapest of 9). It has $163.7M in assets, the 9th largest of that group; it paid 1.44% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.9% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +19.5% a year. Its ten largest positions make up 36.3% of the fund, out of 119 in all.
The short version
FlexShares US Quality Low Volatility Index Fund (QLV) is a Northern Trust ETF that tracks the Northern Trust Quality Low Volatility Index. As of December 31, 2025, the index held 108 large and mid-sized US companies, screened for financial quality and chosen to swing less than the broader market. Its 0.08% expense ratio is well below the 0.27% average of similar funds. The trade-off: it trailed the Russell 1000 over one and five years through December 31, 2025.
Price history
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QLV +14.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QLV official prospectus, to Dec 31, 2025 | — | +12.13% | — | +11.35% | — | +11.21% |
| Russell1000Index index, same period | — | +17.37% | — | +13.59% | — | +14.99% |
| Northern Trust Quality Low Volatility Index index, same period | — | +12.25% | — | +11.56% | — | +11.44% |
| QLV price data to Oct 27, 2026 | +15.0% | +14.9% | +19.5% | — | — | +16.2% |
- Over the year to Oct 27, 2026, QLV returned +14.9%, 2nd of 9 among similar funds.
- Its worst full calendar year was 2025 (+12.3%); its best was 2024 (+18.1%).
- The deepest fall in its price history was 12.1% (Dec 5, 2024 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.0% | — |
| 2025 | +12.3% | +12.13% |
| 2024 | +18.1% | +18.13% |
| 2023 | +13.7% | +13.71% |
| 2022 | — | -9.87% |
| 2021 | — | +26.07% |
| 2020 | — | +9.45% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Oct 18, 2022 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Oct 18, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8200 | |
| 2025 | $1.1600 | +8.4% |
| 2024 | $1.0700 | +20.2% |
| 2023 | $0.8900 |
What's inside
As of Jul 31, 2026, the fund held 119 securities; the ten largest made up 36.33% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 5.96% | |
| Microsoft Corp. | 5.89% | |
| Apple, Inc. | 5.64% | |
| Johnson & Johnson | 4.30% | |
| CF SECURED LLC RA | 3.69% | |
| AbbVie, Inc. | 2.43% | |
| ExxonMobil Holdings Corp. | 2.33% | |
| Visa, Inc. | 2.18% | |
| Alphabet, Inc. Class A | 2.01% | |
| Berkshire Hathaway, Inc. | 1.89% | |
| Broadcom, Inc. | 1.76% | |
| Mastercard, Inc. | 1.62% | |
| Alphabet, Inc. Class C | 1.56% | |
| Eli Lilly & Co. | 1.53% | |
| Coca-Cola Co. (The) | 1.53% |
By country
United States 98.32%Canada 2.22%Bermuda 0.93%Switzerland 0.68%Guernsey 0.66%By asset type
Stocks 99.3%RA 4.3%By sector
Sectors of the companies held, for the 72.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $13.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.89%, -0.22%, +3.26%.
How it works
The index starts with the Northern Trust 1250 Index, which covers large and mid-sized US companies. That index weights each stock by its float-adjusted market value, meaning only the shares available to the public count. Northern Trust then gives each company a quality score based on three things: how efficiently management runs the business, how reliable and lasting its profits are, and how much cash it generates. The lowest-scoring fifth is dropped.
Next, a computer optimization picks and weights the remaining stocks. It tries to lower the portfolio's overall volatility while raising its quality score. Limits keep sector and industry weights, single-stock sizes, liquidity, turnover and beta (how much a stock moves with the market) within set ranges of the parent index. So weights are not simply based on company size. As of December 31, 2025, the index held 108 stocks worth from $4.0 billion to $4.5 trillion. It is rebuilt every quarter, and portfolio turnover was 46%.
Northern Trust Investments designs the index and also manages the fund. It uses representative sampling, so the fund may not hold every stock in the index. At least 80% of assets go into index securities. The rest can go into cash, futures and similar holdings. As of July 31, 2026, the fund had 119 holdings, plus tiny positions in S&P 500 futures. It can lend out up to one-third of its assets. As of December 31, 2025, the index was concentrated in information technology.
What it really costs
- QLV charges 0.08% a year, versus an average of 0.27% for the similar funds below (2nd of 9, cheapest first).
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $8 in the first year and $114 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QLV | $8 | $28 | $50 | $114 |
In a retirement portfolio
QLV holds quality US stocks picked for lower volatility, so it aims to give a smoother ride than the broad market at a low cost.
QLV could serve as a steadier stock holding, but it still falls when markets fall. The fund launched in 2019, so it has no 2008 record. Its prospectus shows a loss of 18.55% in the first quarter of 2020, during the COVID crash, and a 9.87% loss for 2022, its weakest calendar year from 2020 through 2025. Its price history starts October 18, 2022. Since then, its deepest drop was 12.1%, from December 5, 2024 to April 8, 2025, and it recovered by June 10, 2025, in about two months. Smaller drops can mean selling fewer shares at low prices in a bad year. Income is modest: the trailing yield was 1.44% as of October 27, 2026, paid quarterly. Costs are low, about $8 in the first year on $10,000. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US large-cap stocks with smaller swings; one-year volatility was 7.7% and beta 0.38 as of October 27, 2026.
- Cost-conscious investors: the 0.08% expense ratio, about $8 a year on $10,000, is well below the 0.27% average of similar funds.
- Investors who like quality screening, since the index drops the lowest-ranked fifth of companies on profitability, cash flow and management efficiency.
Look elsewhere if
- Investors seeking full market returns: QLV returned 11.35% a year over five years through December 2025, versus 13.59% for the Russell 1000.
- Investors who prefer large, heavily traded funds: QLV had about $164 million in net assets as of July 31, 2026, the smallest of nine similar funds.
- Investors trying to limit big-tech exposure: NVIDIA, Microsoft and Apple made up about 17.5% of assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QLV this fund | — | 0.08% | $163.7M | +14.9% | +19.5% |
| FDLO Fidelity Low Volatility Factor ETF | 48% | 0.16% | $1.42B | +13.2% | +17.7% |
| MGC Vanguard Mega Cap ETF | 43% | 0.07% | $10.90B | +13.5% | +26.0% |
| USMV iShares MSCI USA Min Vol Factor ETF | 43% | 0.15% | $23.62B | +12.2% | +13.9% |
| IWL iShares Russell Top 200 ETF | 40% | 0.15% | $2.19B | +12.5% | +25.5% |
| VSLU Applied Finance Valuation Large Cap ETF | 40% | 0.49% | $545.8M | +12.5% | +24.8% |
| QDEF FlexShares Quality Dividend Defensive Index… | 40% | 0.37% | $545.8M | +14.6% | +22.5% |
| FYEE Fidelity Yield Enhanced Equity ETF | 39% | 0.28% | $218.3M | +15.1% | — |
Questions investors ask
Is QLV a good fund for retirement?
It depends on the job it needs to do. QLV may suit retirees who want US stocks with smaller swings at a low cost. Its expense ratio is 0.08%, and one-year volatility was 7.7% as of October 27, 2026. It is not loss-proof: it fell 18.55% in the first quarter of 2020 and 9.87% in 2022. It has also trailed the Russell 1000, and its 1.44% trailing yield is modest for anyone who relies on income.
What's the difference between QLV and FDLO?
Both funds hold lower-volatility US stocks, and they shared about 48% of their holdings in the latest N-PORT reports. QLV costs 0.08% a year. Fidelity Low Volatility Factor ETF (FDLO) costs 0.16%. As of October 27, 2026, QLV returned 14.9% over one year and 19.5% a year over three years. FDLO returned 13.2% and 17.7%. FDLO is much larger, with $1.42 billion in net assets versus about $164 million for QLV as of July 31, 2026.
Does QLV pay dividends?
Yes, QLV pays dividends every quarter. Over the 12 months to October 27, 2026, it paid $1.18 per share, a trailing yield of 1.44%. The payouts come from dividends paid by the companies it owns. Its index aims for quality and lower volatility, not high yield, so income may be lower than from dividend-focused funds. Investors who mainly want income may want to compare it with funds such as FlexShares Quality Dividend Defensive Index Fund (QDEF).
What are QLV's top holdings?
As of July 31, 2026, the largest positions were NVIDIA (6.0%), Microsoft (5.9%), Apple (5.6%) and Johnson & Johnson (4.3%). Next came AbbVie, ExxonMobil, Visa, Alphabet and Berkshire Hathaway. The fund had 119 holdings. Its top 10 positions made up about 36% of assets, a figure that includes a Treasury repurchase agreement of about 3.7%. Technology was the largest sector, at about 25% of assets.
Does QLV beat the market?
Not over the periods shown in its prospectus. Through December 31, 2025, QLV returned 12.13% over one year and 11.35% a year over five years. The Russell 1000 Index returned 17.37% and 13.59% over the same periods. That gap is a common trade-off with low-volatility investing. These funds aim for smoother returns, but they often trail during strong rallies led by the largest growth stocks.